(Danville) — Danville leaders are poised to make some changes to next year’s budget.
City Council will vote next week increasing the maximum allowed income for participation in the City’s Elderly and Disabled Real Estate Tax Exemption Program from $35,000 to $40,000.
Currently, those who are at least 65 years old and have household income of $35,000 or less are able to apply. Those with income of $17,500 or less get a full exemption. Those earning between $17,501 and $35,000 get a 50-percent exemption. The original income limit for this program was $20,000 and had not been adjusted since its inception several decades ago.
Council increased the cap to $30,000 two years ago, and to $35,000 last year. This has resulted in the addition of 49 qualifying taxpayers, at an annual cost of $24,000.
Staffers say it is impossible to estimate how many more will qualify if the threshold is raised, since they do not have access to personal finance information on city residents.